April 26, 2024
Retail & Consumer
Cereal market in Korea rapidly expanding
[THE INVESTOR] The cereal and granola market in Korea is rapidly expanding -- by more than 20 percent annually, according to a discount retailer on May 1.
E-mart said sales of cereal products at its stores rose by 23.5 percent on-year in 2016, and 29.7 percent in the first quarter of 2017. Meanwhile, other meal replacement products, such as bread and instant noodles, saw declining sales of 7.3 percent and 17.8 percent, respectively.
The discount retailer credited the rising interest in healthy living as contributing to the popularity of cereals here. In the cereal category, premium granola products led the rise in sales with a 68.5 percent increase in 2016 and a 44.3 percent increase in the first quarter of 2017.
The most popular cereal at E-mart was the No Brand Almond Cranberry Cereal, which sold more than 150,000 boxes in the first quarter alone.
“As the cereal market expands and consumers’ interest in health rises, the market for premium cereals including granola is growing,” said Kim Il-hwan, an executive at E-mart.
By Won Ho-jung/The Korea Herald (hjwon@heraldcorp.com)
E-mart said sales of cereal products at its stores rose by 23.5 percent on-year in 2016, and 29.7 percent in the first quarter of 2017. Meanwhile, other meal replacement products, such as bread and instant noodles, saw declining sales of 7.3 percent and 17.8 percent, respectively.
The discount retailer credited the rising interest in healthy living as contributing to the popularity of cereals here. In the cereal category, premium granola products led the rise in sales with a 68.5 percent increase in 2016 and a 44.3 percent increase in the first quarter of 2017.
The most popular cereal at E-mart was the No Brand Almond Cranberry Cereal, which sold more than 150,000 boxes in the first quarter alone.
“As the cereal market expands and consumers’ interest in health rises, the market for premium cereals including granola is growing,” said Kim Il-hwan, an executive at E-mart.
By Won Ho-jung/The Korea Herald (hjwon@heraldcorp.com)
